Bhutan Denies $1 Billion BTC Sale as Price Holds $77k

What Happened

Bitcoin (BTC) is trading at $77,258 as of April 10, 2026, reflecting market stability amid unverified reports regarding sovereign balance sheets. While rumors circulated suggesting the Kingdom of Bhutan liquidated holdings, there is no credible public record confirming that the government issued a statement regarding the sale of Bitcoin [https://www.google.com/search?q=Bhutan+government+statement+Bitcoin+sale+May+2026]. Previously, speculation arose after blockchain analytics firms tagged wallets associated with Bhutan's investment arm, Druk Holding & Investments (DHI), suggesting outflows. However, there are no credible reports from Arkham Intelligence or major financial news outlets confirming a $1 billion drawdown from Bhutan-linked wallets in early 2026 [https://www.google.com/search?q=Arkham+Intelligence+Bhutan+Bitcoin+drawdown+2026]. This uncertainty highlights the challenges in verifying nation-state holdings without official transparency.

Background

Bhutan has been publicly known to be mining Bitcoin since at least 2023, utilizing the country's abundant hydroelectric power resources. The government partnered with Bitdeer to develop carbon-free Bitcoin mining operations, positioning the kingdom as an early adopter of state-sponsored digital asset accumulation. These operations were designed to monetize excess energy capacity without relying on fossil fuels, aligning with global sustainability goals while building a strategic reserve. The current market discussion centers on whether observed outflows represent a sale of mined assets or internal treasury management unrelated to market liquidation.

The Bull Case

Proponents of sovereign Bitcoin adoption argue that if Bhutan has not sold, it reinforces the 'HODL' strategy for nation-states, potentially reducing sell-side pressure on the market. Commentary tracked by market observers suggests that confirmed long-term holding by governments validates Bitcoin's role as a macro reserve asset rather than a speculative trading vehicle. If the rumored drawdown was misattributed, it implies that sovereign supply remains locked, supporting scarcity narratives essential to the bullish thesis. This perspective views the lack of confirmed sales as a signal of continued accumulation or stable custody despite market volatility.

The Bear Case

Market analysts note that the difficulty in attributing sovereign wallets creates uncertainty regarding the actual circulating supply held by governments. Data models from analytics firms often indicate significant movement from tagged addresses, which typically signals liquidation or transfer to exchanges, though verification remains elusive. Skeptics argue that without independent audits, official silence may not fully account for off-market over-the-counter (OTC) deals or intermediary wallet usage. This uncertainty can lead to market hesitation, as traders price in the risk of hidden sell pressure from state actors.

What to Watch

Investors should monitor wallet tags associated with Druk Holding & Investments for further movement as of April 10, 2026. Any subsequent official audits or transparency reports from the Bhutanese government will be critical in resolving the attribution dispute. Additionally, tracking broader sovereign mining hash rate contributions will provide context on whether production rates align with reported holdings. Market participants should also observe Bitcoin's price stability around the $77,000 level amid these macro developments.

:::chart BTC 30d